New York regulators and two federal agencies said Wednesday that The Royal Bank of Scotland PLC will pay $100 million to settle allegations that it did business with Iran, Sudan and other regimes subject to sanctions in a deal that appeared to help the financial giant avoid worse criminal jeopardy.
The CEO and the factory worker are not competing for the same job, but rather competing in separate labor markets across firms and sometimes industries. It is thus meaningless to compare executive and worker pay as the U.S. Securities and Exchange Commission would require. Let the firms decide for themselves how much their labor is worth, says Korok Ray, assistant professor of accounting at the George Washington School of Business.
A Massachussetts federal court recently decided that attorney-client privilege can be waived inadvertently when the employer’s legal adviser becomes overly involved in the employer’s investigation of sexual harassment claims. The case is a reminder that employers and their counsel need to build a firewall between investigators and lawyers, says David Henderson of Nutter McClennen & Fish LLP.
Recent actions from the D.C. Circuit and the Nuclear Regulatory Commission have resumed the process of considering a disposal facility for spent nuclear fuel and other radioactive waste. If Yucca Mountain or another facility were finally licensed, the financial picture for nuclear power plant owners could be very different — which includes insurance coverage typically purchased by plant owners and operators, says Erin Webb of Dickstein Shaprio LLP.
For the time being, patience and compliance are the only options for U.S. medicine and medical device manufacturers who require licenses to export their products to Iran. Waiting for an export license may be difficult, but the consequence of not having one can be a bitter pill to swallow, say attorneys at Reed Smith LLP.
The extensive amendments to Federal Rule of Civil Procedure 45 that took effect on Dec. 1, 2013, bring welcome changes that simplify and streamline subpoena practice. In particular, the elimination of uncertainty in determining where compliance can be required and where service can be effected will reduce the effort and costs involved in issuing subpoenas, say Lawrence Friedman and Sheilah Kane of Cleary Gottlieb Steen & Hamilton LLP.
Proofs of claim, save for rare exceptions, must be filed against the bankruptcy estate prior to the bar date. While a proof of claim should be prepared as professionally and precisely as possible, it is far preferable to file an imperfect proof of claim on time than to file a perfect one late, says Steven Wilamowsky of Bingham McCutchen LLP.
Real estate investors are wise to form a limited liability company prior to purchasing any investment property and to have the property titled in the name of the LLC. In fact, it is a best practice to form an individual LLC for each property purchased. This ensures that the investor’s liability exposure for any one property is limited to that property alone, says W Mason of Fox Rothschild LLP.
The holding in the matter of B.R. Brookfield Commons No. 1 LLC is significant in that it protects the holder of a claim secured by a lien on property of the estate when the value of its collateral is determined insufficient to repay that claim in full, or at all. By so holding, the Seventh Circuit confirmed a protection for secured lenders that does not exist outside of bankruptcy, say Katherine Catanese and Derek Wright of Foley & Lardner LLP.
In light of a recent Pennsylvania Office of Open Records decision, public utilities and other entities providing information to the state's Public Utility Commission must always keep in mind that materials provided to the PUC may become “public records” despite a protective order prohibiting the dissemination of confidential information, say attorneys with Buchanan Ingersoll & Rooney PC.
While existing risk management protocols and alternative investment compliance policies may be sufficient to integrate Bitcoin, financial services firms should nevertheless keep abreast of regulatory developments, including those in money transmission laws. With Bitcoin's global reach, foreign exchange regulations may become more relevant than before, say attorneys with Reyhani Nemirovsky LLP and investment analyst Daniel Gallancy.